Historic Sinclair Building in downtown Fort Worth sold

Posted Monday, Dec. 23, 2013  comments  Print Reprints

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The historic Sinclair Building in downtown Fort Worth has been sold to a local investment group called Sinclair Holdings, Llc., deed records show.

The 16-story art deco office building at 512 Main St. was sold by Sinclair Building Partners, a group headed by Fort Worth accountant Richard Baumeister. That group had owned the property since 2006, when it was purchased from Debir Realty Corp. in San Diego.

The names of the new investors are not being disclosed, and they are not listed with the Texas Secretary of State. Nicholas Pappas, the group’s lawyer, is listed as Sinclair Holdings manager on the state filings. He could not be reached for comment.

Sinclair Holdings financed the deal with a $7.1 million note with Southwest Bank in Fort Worth, according to the deed records. Signing those loan papers as manager of Sinclair Holdings was Farukh Aslam, who owns the adjacent STS Tower building at 515 Houston St.

Aslam said he is not one of the new owners, but has an option to invest in the property later. For now, the building will remain a multi-tenant office building, he said. The building was about 60 percent leased at the time of sale. The deal closed Dec. 13, deeds show.

The Tarrant Appraisal District values the Sinclair Building at $5.8 million for taxing purposes.

In 1994, the 95,000-square-foot office building was selected as a Texas Designated Landmark. It is also listed in the National Register of Historic Places. The Sinclair Building opened in 1930. The building’s major tenant for many years was the Sinclair Oil Co. The Picchi-Pacchi Italian restaurant is on the ground floor.

Aslam bought the STS Tower, formerly the Color Tile office building, in 1998 and renovated the 97,000-square-foot property into a telecom hotel. Latino sports bar Ojos Locos leases the ground floor of that building.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

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